One common myth is that the IRS will never negotiate with someone who owes money. In reality, the IRS offers official channels for debt negotiation as part of its Fresh Start program. Are you unsure about how to negotiate your debt with the IRS because you’re unfamiliar with relief options? Let’s discuss three popular options …
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People have lots of questions about the COVID-19 stimulus checks that are coming for Americans. You may be wondering if and when you will be receiving such a check. Let’s break down the basics. What Is the Coronavirus Stimulus Package? The United States passed a stimulus plan totaling $2 trillion on March 27. The goal …
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Tax season 2020 won’t be like any tax season that’s come before – and as a result, there are some essential things to know about filing your tax return during the COVID-19 pandemic. The big thing to discuss is the tax deadline pushback: What does it mean for you? What Does the Tax Deadline Pushback Mean …
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A tax problem doesn’t have to haunt you forever. The IRS actually provides many options that taxpayers can use to settle tax debt, but it’s important to know what’s in front of you before you can decide how to move forward. Here’s how to find the right tax relief option for your tax situation. How …
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Do you owe the IRS money? You may be worried that there’s no escaping harsh penalties and interest charges. But relief could be available. The IRS Fresh Start initiative offers several relief options for qualifying taxpayers; there are also options outside of this program that will reduce or erase your debt. Share this Image On …
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At Tax Group Center, the health and well-being of our clients, associates, and communities is our top priority. We understand the concern and uncertainty you may be experiencing surrounding the coronavirus (COVID-19) and are committed to being responsive to the needs of our clients and associates as the situation evolves. As you may already know …
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Can the IRS chase you forever? The answer is complicated, but no, you may not have to fear the IRS for the rest of your life if you’ve been carrying around tax debt for a while. Let’s discuss something called the Expiration of Statutes. The IRS’s term for when the clock runs out on your …
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The IRS offers the Fresh Start initiative program for people who owe unpaid taxes. If you’re dealing with unpaid tax debt, learning about this program could be the first step to getting on the right track with the IRS – but the IRS is very particular regarding how it handles applications for this multifaceted program. One …
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Taxpayers sometimes find themselves in the position of owing money to the IRS. This is understandably a very stressful situation, and the stress is compounded if you don’t currently have the cash on hand to pay the IRS in full by the due date. Unfortunately, penalties and consequences can mount pretty if you do not …
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Are you facing a tax penalty? One misconception is that nothing can be done about penalties once the IRS puts them in motion. The reality is that taxpayers have options to eliminate, reduce, or even freeze penalties. This is important because penalties can quickly bring about a “snowball” effect, turning a tax debt that you …
Continue reading “How to Know if You Qualify for An IRS Penalty Abatement”
